DUBAI, U.A.E, July 14, 2021 /PRNewswire/ — According to market survey conducted by FMI, the demand outlook for microalgae in the pet food sector is estimated to remain fairly positive, surpassing a valuation of US$ 22.2 Mn, with a year-on-year growth of 7% in 2021. The overall demand for microalgae is anticipated to surpass a valuation of US$ 35 million by 2031.
Between 2016 and 2020, the microalgae demand grew at CAGR of 4%. With rising adoption of dogs, cats, and other pets as companions for families, inclusion for microalgae in pet food is expected to grow in order to enhance its nutritional value & palatability of pet food. Against this backdrop, FMI sees prospects for the demand to rise at a CAGR of 4.8% over the forecast period 2021 to 2031.
Thanks to the progressively improving animal healthcare industry, the lifespan of pets has increased. With increasing age of pets, diseases such as cancer, arthritis, separation anxiety, and cardiovascular disease have become more common. As microalgae-based pet supplements assist in maintaining health and alleviating age-related pains and aches in elderly pets, the demand for microalgae in the pet food sector is expected to soar.
Spirulina microalgae is anticipated to register the high demand in the pet food sector. Owing to the presence of high micro- and macronutrients such as iron, protein, vitamins, carotenoids, and gamma-linolenic fatty acids, Spirulina microalgae is expected to account for over 64% of the market share in 2021.
“To cater to increasing demand for microalgae in the pet food industry, companies are focusing on developing innovative products such as anti-anxiety pet pill & pet supplement by using microalgae as a key ingredient. Besides this, Food and Drug Administration (FDA) approval on the use of Spirulina in food and beverage products is likely to fuel the demand for microalgae over the coming years,” says the FMI analyst.
Key Takeaways from the Study on the Demand Microalgae in the Pet Food Sector
- Owning to the increasing number of pets owners across North America, the demand for microalgae products in the pet food sector is expected to grow at a CAGR of 3.9% by 2021.
- By 2021, the demand for microalgae in the pet food sector in Germany is likely to reach a valuation of US$ 911.6 thousand.
- Increasing pet adoption in China is estimated to account for over 52% of the market in Asia Pacific.
- Based on application, dog feed is predicted to dominate in terms of end-use applications, accounting for around 46.5% of the global market through 2021.
- Fresh water microalgae are expected to reach a valuation of US$ 2.2 million by 2031, growing at a CAGR of 4.8% over the forecast period.
- Growing number of pet owners is bolstering the demand for microalgae in the pet food sector.
- Increasing lifespan of pets is spurring the sales of microalgae-based products in the pet food sector.
- Rising awareness regarding the benefits of microalgae-based pet food products is driving the market growth.